On April 18, 2020, President Donald Trump signed an Executive Order in an effort to support U.S. businesses that have faced significant financial hardship due to the COVID-19 pandemic response by allowing deferment of duty payments. The order gives the Treasury Department and U.S. Customs and Border Protection (CBP) the flexibility to allow for a
USTR Cancels Public Hearing on United States-Kenya Trade Agreement Negotiations; Extends Deadline for Submitting Public Comments
On March 17, 2020, the Office of the U.S. Trade Representative (USTR) notified Congress of its intent to negotiate a trade agreement with the Republic of Kenya (see Trump and Trade Update of March 18, 2020) and shortly thereafter solicited public comments and announced a public hearing on the proposed United States-Kenya trade agreement.
OFAC Amends North Korea Sanctions Regulations
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published amendments in the Federal Register to the North Korea Sanctions Regulations, 31 C.F.R. 510.101-.901 (NKSR), which became effective April 10, 2020. The new amendments incorporate into the NKSR certain provisions of the North Korea Sanctions and Policy Enhancement Act of 2016
OFAC Issues Venezuela General License Authorizing Continued Transactions Related to PdVSA Bond
Despite a tightening of economic sanctions on Venezuela under President Donald Trump, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) occasionally issues General Licenses clarifying, authorizing or exempting certain U.S. activities involving the Venezuelan government or entities directly and indirectly affiliated with Petróleos de Venezuela, S.A (PdVSA). Starting in January 2019, President
List of Countries Requiring Cooperation With International Boycotts
In addition to its role in enforcing U.S. export control laws, the Department of Commerce’s Bureau of Industry and Security (BIS) is charged with administering and enforcing the antiboycott laws under the Export Administration Act. These antiboycott laws were adopted to encourage and, in some circumstances, require U.S. companies to refuse to participate in foreign
CFIUS and Covered Real Estate Transactions: Update on Geographic Reference Tools
On February 13, 2020, the Committee on Foreign Investment in the United States (CFIUS) fully implemented the Foreign Investment Risk Review Modernization Act (FIRRMA) (see Trump and Trade Update of January 22, 2020). Under FIRRMA, CFIUS was granted additional authority to review certain real estate transactions involving foreign persons when the public or
USTR Grants Extensions for China Section 301 Exclusions Set to Expire April 18, 2020
The Office of the U.S. Trade Representative (USTR), after seeking comments on whether to extend for another year certain product exclusions it granted in April 2019 (see Trump and Trade Update of February 5, 2020), has granted eight extensions covering the following Harmonized Tariff Schedule (HTS) subheadings and product descriptions:
- Roller machines designed
House Ways & Means and Senate Finance Chairmen Request Expedited ITC Section 332 Investigation to Identify COVID-19 Imported Goods
On April 6, 2020, House Ways and Means Chairman Richard E. Neal (D-MA) and Senate Finance Committee Chairman Chuck Grassley (R-IA) submitted a request to the U.S. International Trade Commission (ITC) for an expedited Section 332 investigation to identify imported products that may be needed to respond to the COVID-19 pandemic. In a letter to
OFAC Issues Amended Venezuela-Related General License Involving Nynas AB
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the extension of a general license involving Nynas AB, General License 13E, through 12:01 a.m., May 14, 2020. The announcement explained that OFAC was extending the expiration date of this general license to provide additional time for Nynas AB to complete its
USTR Releases 2020 National Trade Estimate Report on Foreign Trade Barriers
The Office of the U.S. Trade Representative (USTR) has released its annual National Trade Estimate Report on Foreign Trade Barriers that addresses the status of foreign trade and investment barriers to U.S. exports around the world. This report is the U.S. government’s major annual report on the barriers to trade, investment and services that U.S.